Shell Asset Management Co. decreased its stake in shares of American Tower Corp (NYSE:AMT) by 82.9% during the 4th quarter, Holdings Channel reports. The firm owned 34,686 shares of the real estate investment trust’s stock after selling 168,417 shares during the quarter. Shell Asset Management Co.’s holdings in American Tower were worth $4,949,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC lifted its holdings in American Tower by 5.4% in the third quarter. Janus Henderson Group PLC now owns 7,868,533 shares of the real estate investment trust’s stock worth $1,075,458,000 after acquiring an additional 400,117 shares during the last quarter. Edgewood Management LLC lifted its holdings in American Tower by 1.6% in the third quarter. Edgewood Management LLC now owns 6,326,717 shares of the real estate investment trust’s stock worth $864,736,000 after acquiring an additional 99,052 shares during the last quarter. American Century Companies Inc. lifted its holdings in American Tower by 1.5% in the fourth quarter. American Century Companies Inc. now owns 3,248,232 shares of the real estate investment trust’s stock worth $463,425,000 after acquiring an additional 46,708 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in American Tower by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,164,598 shares of the real estate investment trust’s stock worth $432,537,000 after acquiring an additional 166,910 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its holdings in American Tower by 26.1% in the third quarter. Commonwealth Bank of Australia now owns 2,790,646 shares of the real estate investment trust’s stock worth $380,074,000 after acquiring an additional 577,069 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director David E. Sharbutt sold 1,584 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $144.44, for a total transaction of $228,792.96. Following the transaction, the director now owns 4,861 shares in the company, valued at $702,122.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Samme L. Thompson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $143.16, for a total transaction of $715,800.00. The disclosure for this sale can be found here. Insiders have sold 41,251 shares of company stock worth $5,885,334 in the last quarter. Company insiders own 0.86% of the company’s stock.
Shares of American Tower Corp (AMT) opened at $140.02 on Tuesday. American Tower Corp has a twelve month low of $107.66 and a twelve month high of $155.28. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 2.61. The firm has a market capitalization of $60,048.42, a P/E ratio of 53.24, a PEG ratio of 1.33 and a beta of 0.77.
American Tower declared that its board has approved a share buyback plan on Thursday, December 7th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities analysts have issued reports on AMT shares. Jefferies Group raised their target price on shares of American Tower from $144.00 to $163.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. Cowen reissued a “buy” rating on shares of American Tower in a report on Tuesday, October 24th. Argus lifted their price target on American Tower to $170.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Zacks Investment Research raised American Tower from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Friday, November 3rd. Finally, ValuEngine raised American Tower from a “hold” rating to a “buy” rating in a report on Friday, November 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and sixteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $158.60.
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American Tower Profile
American Tower Corporation (ATC) is a holding company. The Company operates as a real estate investment trust (REIT), which owns, operates and develops multitenant communications real estate. ATC’s segments include U.S. property, Asia property, EMEA property, Latin America property, Services and Other.
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